Loan Programs

Conventional loan programs are the most popular loans offered by Mlend and are the most common loans used in the marketplace today. Conventional loans can be used for first home purchases, refinances, and investment properties. These loan programs are not guaranteed or insured by the federal government and underwritten to conform to the guidelines set forth by Fannie Mae and Freddie Mac.

Under conventional loan guidelines, first mortgages for single-family homes are limited to $424,100. However, certain high cost areas have loan limit exceptions up to 636,100.

Conventional loan programs generally required a 20 percent down payment. However, the required down payment can be lowered by purchasing private mortgage insurance or accepting a higher interest rate. In some cases, your down payment on a conventional loan could be as low as three percent.

Eligibility requirements are dependent on, amongst other things:

The appraised value of your desired home

Your credit score

Your cash reserves

Your debt-to-income ratio

Fixed Rate Loans

Fixed rate loans are the most popular type of loan offered by Mlend. These loans provide protection from inflation, allow for long-term planning, and minimize risks associated with home ownership.

Fixed rate mortgages provide a constant interest rate and monthly principal and interest payments over the life of the loan. The consistent payments associated with these loans allow for predictability in your monthly housing costs. The fixed interest rate provides insulation from market fluctuations, ensuring that your payments won’t increase if rates do.

Fixed rate mortgages are generally offered in the following terms:

10 or 15 year: These short term fixed rate mortgages usually have lower interest rates and build equity faster. They come with higher monthly payments since the loan term is shorter, but you’ll also be paying less interest over the life of the loan when compared to longer terms.

20 year: This fixed-rate mortgage provides a compromise between 15-year terms and 30-year terms with regard to monthly payments and interest costs over the life of the loan.

30 year: These mortgages offer lower monthly payments or allow you to borrow more since the loan term is longer.
Please contact one of our mortgage consultants to see if a fixed-rate conventional loan is right for you.

Hybrid ARM Loans

Hybrid adjustable rate mortgages (ARMs) combine the predictable monthly payments of a fixed rate mortgage with the lower initial payments of a traditional adjustable rate mortgage. If you do not plan on living in your home indefinitely, a hybrid ARM can save you a substantial amount on your monthly housing expenses.

A hybrid ARM allows you to secure a fixed interest rate for a predetermined amount of time: generally three, five, seven, or ten years. Although amortized over a 30 year period, these loans usually have rates considerably lower than fixed-rate conventional loans. After the fixed-rate time period, your interest rate is subjected to periodic adjustments like a traditional ARM. For example, a 7/1 ARM would have a fixed interest rate for seven years and an adjusted interest rate thereafter.

Please contact one of our mortgage consultants to see if a hybrid ARM makes sense for you.

Government insured and guaranteed home loan programs are backed by the federal government. For the most part, these mortgages are available in different loan terms, can have either a fixed or adjustable interest rate, and can be used for purchases and refinances just like conventional loans. While each program is designed to meet a specific need, these programs usually have the following traits in common with some exceptions:

More flexible down payment options

The seller can contribute more assistance toward closing costs than conventional loans and may be combined with community seconds

Aimed toward low to moderate income families and individuals

Directed to those who will use the home as their primary residence

FHA Loans

If you are interested in a government-insured mortgage with as little as three and a half percent down, you may be looking for an FHA loan.

An FHA loan is a mortgage loan insured by the Federal Housing Administration. Like conventional mortgages, FHA loans are available as fixed-rate or adjustable-rate mortgages. These loans provide a number of benefits to home buyers:

Down payments as low as 3.5 percent, which can be paid using familial gifts or community seconds.

The seller can provide up to six percent of the sales price for closing cost assistance.

No prepayment penalties.

Less stringent credit score requirements than conventional loans.

To be eligible for an FHA loan, you must intend to occupy the home as your primary residence. FHA insured loans, like conventional, analyze an applicant’s employment history, credit history, and proposed debt load, among other things. Contact one of our mortgage consultants to see if you qualify for an FHA mortgage.

VA Loans

If you are a veteran of the armed forces, active duty personnel, a Reservist or member of the National Guard, or a surviving spouse, you may be eligible for a no-down-payment VA loan.

A VA loan is guaranteed by the Department of Veterans Affairs and offers many benefits for past and present members of the armed forces. Some of these benefits are:

No down payment

Mortgage insurance is not required

Less stringent credit score requirements than conventional loans

No prepayment penalties

Higher debt-to-income ratios may be allowed

Note that you’ll need to receive a Certificate of Eligibility before you can qualify for a VA loan. To obtain your certificate of eligibility and apply for a VA loan, please contact one of our mortgage consultants.

USDA Loans

If you’re interested in purchasing a home in a rural area with no money down, a USDA home loan may be right for you; they’re not just for farmers!

A USDA home loan is guaranteed by the United States Department of Agriculture and is designed to provide benefits to those looking to settle in a rural community. A USDA home loan features easier qualifications and offers eligible buyers more flexible financing options when compared to conventional loans. Some benefits for qualified borrowers include:

No down payment required. You can finance 100 percent of the appraised value of an eligible home

Competitive 30-year loan terms

Less stringent credit requirements compared to conventional home loans

Renovation costs can be included in the loan

If you are interested in purchasing a home as your primary residence in an eligible rural area you may qualify for a USDA home loan. These loans are designed to help low to moderate income families and individuals and as therefore have certain income restrictions. To see if your desired home is in an eligible rural area and if you qualify, please contact one of our mortgage consultants.

Jumbo loans are similar to conventional loans but are for amounts higher than the loan limits set forth by Fannie Mae and Freddie Mac. Jumbo loans can be used for home purchases, refinances, and second homes. These loan programs are not guaranteed or insured by the federal government. Eligibility requirements are dependent on, amongst other things:

The appraised value of your desired home

Your credit score

Your cash reserves

Your debt-to-income ratio

Jumbo loan programs generally require a 20 percent down payment.

Fixed Rate Jumbo Loans

Fixed rate loans are the most popular type of loan offered by Mlend. These loans provide protection from inflation, allow for long-term planning, and minimize risks associated with home ownership.

Fixed rate mortgages provide a constant interest rate and monthly principal and interest payments over the life of the loan. The consistent payments associated with these loans allow for predictability in your monthly housing costs. The fixed interest rate provides insulation from market fluctuations, ensuring that your payments won’t increase if rates do.

Fixed rate mortgages are generally offered in the following terms:

10 or 15 year: These short term fixed rate mortgages usually have lower interest rates and build equity faster. They come with higher monthly payments since the loan term is shorter, but you’ll also be paying less interest over the life of the loan when compared to longer terms.

20 year: This fixed-rate mortgage provides a compromise between 15-year terms and 30-year terms with regard to monthly payments and interest costs over the life of the loan.

30 year: These mortgages offer lower monthly payments or allow you to borrow more since the loan term is longer.

Please contact one of our mortgage consultants to see if a fixed-rate jumbo loan is right for you.

Hybrid ARM Jumbo Loans

Hybrid adjustable rate mortgages (ARMs) combine the predictable monthly payments of a fixed rate mortgage with the lower initial payments of a traditional adjustable rate mortgage. If you do not plan on living in your home indefinitely, a hybrid ARM can save you a substantial amount on your monthly housing expenses.

A hybrid ARM allows you to secure a fixed interest rate for a predetermined amount of time: generally three, five, seven, or ten years. Although amortized over a 30 year period, these loans usually have rates considerably lower than fixed-rate jumbo loans. After the fixed-rate time period, your interest rate is subjected to periodic adjustments like a traditional ARM. For example, a 7/1 ARM would have a fixed interest rate for seven years and an adjusted interest rate thereafter.

Please contact one of our mortgage consultants to see if a hybrid ARM makes sense for you.

Mlend offers several loan programs that can help you build your dream home or renovate an investment property. These programs make the construction process more convenient by providing one loan to pay for both construction and long term home financing. Some of these programs also provide a predetermined construction period where the loan is interest only, after which the loan converts to a traditional fixed- or adjustable-rate mortgage.

While each program is different, these programs do share some characteristics:

Financing is based on the final appraised value of the home after construction is complete

Saves time and money by combining all financing into a single loan

Fixed and adjustable interest rates

Available in 15 to 30 year terms

Mlend offers construction and rehabilitation loan programs that are either government-insured or conventional. Government-insured loan programs, such as the FHA 203k, generally have more lenient eligibility requirements but can limit the types of renovations eligible for financing. Conventional programs do not have these stipulations.

Conventional FNMA HomeStyle

Are you looking to purchase a new home in need of repairs or just need a little more space in your current home? A rehabilitation loan with Mlend provides a convenient way to combine the cost of a major renovation with your long term home financing.

A rehabilitation loan streamlines the financing process for completing a major renovation. The renovation funds are disbursed as your project proceeds and then convert to permanent financing. This eliminates the need to qualify for a second loan for long term home financing and spares you from a second set of closing costs.

A conventional rehabilitation loan with Mlend:

Bases financing on the final appraised value of the property after construction is completed

Saves you time and money by combining all financing into a single loan

Provides flexible construction periods

To see if a rehabilitation loan with Mlend can help you renovate to your dream home, please contact one of our mortgage consultants.

FHA 203k

Are you looking to purchase a fixer-upper? As an FHA approved lender, Mlend can help you secure a single loan to finance the purchase of a new home and cost of renovation.

FHA 203k home loans are insured by the Federal Housing Administration and have similar requirements to traditional FHA home loans. Normally when purchasing a home in need of improvement the purchaser must obtain separate loans for the purchase and rehabilitation of the dwelling. These loans are generally short term and high interest rate. A 203K loan allows the purchaser to take out a single, long term, fixed- or adjustable-rate loan to finance the entire process. A 203K loan can also be used to refinance an existing home and provide funds for renovation.

Only certain homes are eligible and renovated properties must meet certain energy efficiency and safety guidelines. Please contact one of our mortgage consultants see if an FHA 203k loan is a good fit for your project.

Testimonials

Brandy was exceptional to work with! She had the knowledge, professionalism, patience, and fiiendliness that helped us the entire way through our closing process. I will highly recommend her to anyone in need of a loan.

Cassie M.

My father knows Joy Truby and I went to her for the home buying process. She was amazing!

Katrina K.

If I have the option, I will always use Tara Marsh. Tara is kind and so responsive. I worked with her effortlessly and simply put, she is a spectacular person and very good at her job!

Chad M.

Jerry and the entire team were awesome to work with! My husband and I have done several home purchases and refinances and this was by far the easiest and the best experience we have had. Thank you all for an easy process.

Stacey C.

If a family member or a friend is planning to apply for a loan , I won’t hesitate to refer them to Millennium Financial Group, Inc., specifically to loan officer Marc Nurse. Thanks

Clementine M

Mark Pritts was an excellent loan officer. 1 am happy that a friend referred me to him, and I will refer him to anybody that may be looking for similar services. It was a pleasure to work with him.

Thomas H.

Our loan officer was very knowledgeable and did a great job explaining all of our options clearly. He was very responsive when we had specific questions regarding which would be the best type of loan to apply for and how certain financial decisions will affect everything overall.

Patrick E.

Timothy was very informative. He kept me abreast of the whole refinancing process. He was readily available, and provided excellent customer service.